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tonight in deficit reduction efforts. it's a path that is sure to lead to many obstacles from the other side. chief white house correspondent ed henry has the new developments in a time sensitive story. >> in a dramatic move today, president obama seemed to be trying to split the budget talks to two pieces. suggesting he and lawmakers come up with spending cuts next year after they avoid the fiscal cliff, by extending middle class tax cuts and raising taxes on the rich. >> it would give us more time than next year to work together. on a comprehensive plan to bring down the deficit, streamline our tax system. do in a balanced way. >> the president apparent shift away from spending and tax altogether now in a big deal could increase the chances of a market rattling fall off the cliff. since the republicans want spending cuts included. >> republicans are willing to put revenue on the table. but it's time for the president and democrats to get serious about the spending problem that our country has. >> the president's move came one day after two other big developments, suggesting democrats
waste, increasing efficiency, decreasing the budget deficit, and real focus that we appreciate in northern california on clean energy. for example, moving the state's goal to be 33% clean energy producing. it is my privilege to welcome governor brown to the panel. [applause] >> and to introduce our next panelist, i would like to welcome steve ballmer, senior bp -- vp. >> good morning and thank you. next up is governor hickel lipper -- hickenlooper. he is the serieaal a entreprener each of you have in your respective parts. he became very successful in the brew pub business. he never had a single election not even for stink -- a student council. governor? [applause] in keeping with the discussion, he is keen on innovation and things of that nature. i know that will come out. thank you, governor. >> are we all set? i am from the "mercury news," and we're here because we live in a global cloueconomy. it has altered local economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work force is. we're fortunate
, the deficit reduction first. you have to pay the bills. in your personal and public life -- you want to have a prescription drug benefits under medicare, that is great, you have to pay for it. you want two wars? you have to pay for them, too. we should understand something about the republican party over the last and years. it has been a big spending party -- it just does not want to pay for any of the spending. a reset of traditional conservatism requires that we be reality-based on the fiscal condition of the country and understand that the years of profligacy now require increased revenue. the notion that we have hundreds of members of congress bound by a pledge to grover norquist as opposed to their oath of office to the constitution -- [applause] is unsettling. we should understand, there is not symmetry between the parties on this question. there is no grover norquist equivalent in the democratic party on this question. it is encouraging to hear speaker boehner and republicans talk about the need to increase revenues. my personal opinion, which is why i am a republican in part, a 40% f
deficits and medicare, small enough it's somewhat of a side show. the idea that we're picking on themmen they're not getting the right deal, get out to the real world. >> eve. >> don't blame them, federal workers, this isn't their fault. yes, they're going to have give more. and in favor of union representation and union representation say hey, leave us alone, it's good for them, but overall, everybody's going to have to give, everybody. >> brenda: gary b. >> look, if it's the federal workers have it so bad, try to get a job in the federal sector, it's almost impossible these days, that's how bad it is >> brenda: but, jonas, there have been layoffs from the federal sectors as well. >> they haven't had as hard as states. states had to get their budgets going tighter before the federal government. the federal government nois only starting to address the workers so i think that the state workers are taking it harder than the federal workers and now the federal workers ve to join the misery of the state workers in tightening budgets. >> brenda: tough times for everybody, thanks, guys. most y
dollar deficits every year and throw a tantrum if someone suggests that maybe the taxpayers shouldn't keep subsidizing ever last program washington ever dreamed up. they are reckless and ideological approach threatens our very future. and anyone who is serious about solving the problems we face should ignore all of that starting with the president. megyn: meantime some of the president's supporters unleashed and ad blitz targeting key lawmakers reportedly spending close to $300,000 on an ad buy that talks about increasing taxes but leaving spending alone. here is part of that. >> how do we move our country forward and reduce the deficit, by creating jobs and growing our economy not by cutting programs that families rely on most. megyn: join me now is stu varney, who is host of varney & company. and chris stirewalt. you have all the unions unleashing and ad blitz to target the home states of key lawmakers trying to build pressure on them to not agree to any entitlement spending cuts and they are going directly to the american people to sell that message. what do you make of it? >> i
, michelle, why is this such a crisis? we're going to have about $.5 trillion in deficits in 2013. is that a crisis? for god's sake, we're finally doing something to address our debt and deficits. that should be great news. i'll tell you why gold might be down today. why is the market rallying when gold, oil, and copper are down? the only tentity borrowing all this money is the government. that's why gold is going down. guess what? don't worry about it. they're going to punt on this like they have every other time. >> are you as pessimistic? are they going to punt? what do you do? >> in the short-term, you have to be careful. these are unknowable things. it's a very fluid situation, as you identified. somebody gives us some happy talk. this market goes straight up. i think gold is giving perhaps a false signal there won't be qe-4. i believe there will be. it's just a matter of time. this is going to take time to implement. we're not going to put all these changes in place january 1. there's no grand bargain out there that's going to cover all these things at once. it's going to be
, the u.s. situation with respect to our deficit and debt is a national security liability. we need our senior leadership to take it on. we have an opportunity to do so, a requirement to do so. the foundation of national power is ultimately economic. in terms of global influence, in terms of the ability to support a military, the economic is foundational. i think in the u.s. we have both an opportunity and requirement to get our house in order. i believe what hundreds of tatars and 435 members of the house will step up -- what 100 senators and 435 members of the house will step up. >> so we have america under control because of the amount of treasuries? >> [indiscernible] our position to the nine states is very, very decisive to strengthen our relationship. there is no intention for us to use this economic relationship and a different context. we are very satisfied. that's all. >> let me open up to the floor. with four microphones around the room. fast.going to go i will call on people whose names i don't know. but that is josh rogan from "the cable." >> thank you for your time today. i
approach to reducing the nation's deficit. let's bring in our panel. mary katharine ham editor-at-large of hot air.com and fox news contributor. peter mirijanian former advisor to the clinton-gore and gore-lieberman campaigns. when the president arrives at the white house to speak, he will have people behind him, ordinary americans who reached out to the white house and want their $2,000 middle class tax cut preserved. republicans are saying this is essentially a campaign stunt, a campaign appearance kind of event of the he won the election. he should get on the business of governing. what do you say? >> well, one quick observation, jon. i think what you're seeing, what i think is interesting the first social media presidency. this administration using technology and using social media to advance their agenda. but look, all presidents do this. george w. bush after his re-election famously said he has now the political capital he intend to use. so going to the public and going sort of over the head of congress is something democratic and republican presidents always do what they
deficit right now. it is the bridge to renewable energy, renewable energy will take a long time. if we can move to gas we get tremendous benefits in terms of cleaner energy on the way to renewable energy future. if we could get those things done, steve, this would be transformational for our economy but we have not been able to act on these things even though i said earlier there is wide bipartisan -- >> thank you. let me just try to poke holes in this. if we rollback time to just before the financial crisis you look at the u.s. deposition. douglas holtz-eakin was out there talking about that already. and john mccain and others have been but it is much worse today but if you look at the deck in a different way, look at private sector debt, the fact, forget government debt. before the financial crisis private-sector debt was 160% of gdp in the united states and despite averaging, back to 160% of gdp we are still in crisis mode, you had structural corruption between regulators and financial institutions and any place in the economy and a private sector event that led to a government response
in interest rates, $2.4 billion we take in. there's a $1.1 billion deficit. if that keeps up -- >> trillion. you're talking trillion-dollar deficits every year. >> if that keeps up, the spending goes to $6 billion. what we take in goes to $4.6 billion. you have a $1.4 billion deficit you're going to deal with in ten years with $1 trillion debt. interest payments you have to make every year. when you're making interest payments of $1 trillion a year, everybody is going to stop investing. germany isn't going to buy our bonds anymore. >> maybe they want this. it seems like both sides are digging in. the president says he wants $ .6 trillion in revenue. that means higher taxes as well as taking the loopholes away. maybe he wants to go over the cliff to prove a point. >> going over the cliff to prove a point is like wrecking your car to show that you can't drive. i mean, it doesn't make any sense. what makes sense is to be thoughtful. a democrats and a republican two years ago, simpson/bowles, got together and put together some guidelines that nobody paid any attention to. it had to do with heal
. it almost makes me upset. interest rates are going down because they can't get a hands l on the deficit because stocks are going down. that's the reality we're dealing with. consumer confidence this morning, listen, i'm worried about the fiscal cliff. i have my button on. anybody who tries to put words in the general public's mouth about the fiscal cliff, these confidence numbers dispel that notion that they're worried. they probably don't even really know the details. >> david kudlow, you are taking something of a risk-on strategy. you're going with the high-growth, high-dividend plays in this market, aren't you? >> yeah, we are. it's a strategy that's worked quite well p the uncertainty we've had over the fiscal cliff. with the positive economic data coming in, high-growth areas have done well for us. hi areas have helped diversify and steady the portfolio. >> you're not worried about impact that the fiscal cliff could have on the tax treatment of dividends out there? you get all these companies imposing early dividends, special dividends to try and slip it in before the end of the ye
is an integral part of deficit reduction. yes, from my side of the table bring entitlement reform into the conversation. social security, set aside. doesn't add to the deficit but when it comes to medicare and medicaid, protect the integrity of the program but give it solvency for more and more years. martha: alabama republican jeff sessions is the ranking member on the senate budget committee. senator sessions good morning. good to have you here today. >> martha, thank you. martha: a lot of talk this morning after these sunday shows and watching both sides talk about this fiscal cliff about who seems to be moving and in what direction. what are you hearing, what are you hearing from lindsey graham who says, quote he is willing to break that pledge on taxes under certain circumstances? what are they really saying? >> i'm not sure what they're saying. there's a lot of this talk going on. i don't know who is speaking for the republican party. the house of representatives where you have a substantial republican majority but the truth is that this country does not need to go through t
the plan to a bankruptcy judge on friday. sa they need to close a nearly $46 billion budget deficit. new york and new jersey need at least $71.3 billion to recover from the devastation of super storm sandy and prevent similar damage from future storms. this is according to the state's latest estimates. that total of course could grow. steve liesman has been crunching the newspaperup i numbers and hn the next hour. this is to try to build up some sort of protection, some massive floodwalls. governor cuomo was saying this would be like $9.1 billion to start building. >> questions about the future of the sec following mary shapiro's exit. elyse walter could run the agent until december 2013 when she would have to be renominated and reapproved by the senate. among the issues, and ongoing battle over regulating the $2.5 trillion money market fund industry, some 63 unfinished rule making requirements that are all part of dodd-frank and continuing fears of course about market stability and high frequency trading. p. >> money markets used to be covered by the fdic when the crisis first came on.
out of their pockets to his deficit reduction. so we've had thoughts of things squeezing us at different levels. we are now facing biggest threat through sequestered. janet mentioned the fiscal cliff in one part of the fiscal cliff is these across-the-board spending cuts to take effect january 2nd. it's going to be an 8.2% across-the-board cut in education, job training and health, housing, fbi, air traffic controllers from the food safety, entire range of domestic programs. for education if you count headstart, which is at the department of health and human services a $4.8 billion cut would be the largest education cuts ever in the history of the country. that would just move us -- essentially move us backwards on whether the goal is closing achievement gaps come increasing high school graduation rates, increasing college access and college completion. our biggest challenge in the short-term this lame-duck lame-duck session this to work together with groups like the urban league and national council to come up with a balanced approach to deficit reduction. as genocide, as p
budget is on an unsustainable path. the budget deficit which peaked at about 10% of gdp in 2009 and now is 7% of gdp is expected to narrow further in the coming years as the economy continues to recover. the cbo projects that under a plausible set of assumptions, the budget deficit would still be greater than 4% of gdp in 2018, assuming the economy has returned with potential by then. moreover, under the cbo projection, could deficit and raise your federal debt to gdp would subsequently returned to an upward trend. we should all understand that long-term projections of ever increasing deficits will never actually come to pass because the willingness of plunder to continue to fund the government can only be sustained by irresponsible fiscal plans and actions. host: that was ben bernanke at the economic club of new york yesterday. looking for your confidence in the u.s. economy. already getting some comments on facebook -- abroad we are taking your comments on twitter, facebook, and calls. we start with joseph from maryland on the democratic line. thanks for joining us. caller: good morni
the typical washington show game and take a few bills. if we want to cut the budget deficit we have to look at everything that's been passed and make decisions against each of those. if obama-care is the most important policy considered its survives. if there are other things being considered it doesn't survive. that's the only way to approach cliff that's running out very quickly. rick: if there is a deal spending cuts have to be put on the table and obama-care cost a lot of money. >> that's not true. it cuts the deficit in a 10-year period and even more so over 20 years. john boehner said in his own op-ed that he tried two different ways to get rid of obama-care, going to the supreme court and in the election. they tried 33 times to repeal obama-care in the congress and failed all 33 times. the bottom line is now we have obama-care. it is the law of the lands. we need to take the off the table and focus on the bush tax cuts which american voters decided they want to keep for people under $250,000 and they want to get rid of for people making more than $250,000. rick: obama-care lowers the
's obviously a deficit that the city has 40-some miles of vacant land that's paris, and turning that into a positive thing. just this week the city council is supposed to be voting on a project by a local businessman who wants to buy something like 1400 acres of vacant city land and plant a huge tree farm. so that's thinking outside of the box i find very exciting. >> jennifer: i do too. the major had an unusual plan which was to move citizens from vacant more dispersed areas, he rolled that out, but how is that working? >> it has been slow coming. there are so many great ideas put forth for the future of detroit, if you look at the renders of what detroit could look like it's really exciting but as you well know there is just no money for a lot of these projects, so something like detroit works, the right-sizing plan that you just mentioned a lot of that is being funded by outside organizations, nonprofits. the city itself though is basically on the verge of bankruptcy. 40% of the streetlights don't work. there aren't enough police and firefighters, half
, the two false wars created the deficit. we need to lock arms and walk up to the cliff and see what it is all about. >> bill: arnold you got it. alan in new bedford mass. >> caller: good morning, bill. i think there are two separate issues. the bush tax cuts were to expire in 2010. they were only extended was because of [ inaudible ]. period. >> bill: yeah, that was all over the debt ceiling negotiations. the president went along with it, but it's time to end them now. they are still making the argument that that is a job creator. no, it's not. no, it's not. >> announcer: this is the "bill press show." ♪ >> announcer: chatting with you live at current.com/bill press. this is the "bill press show," live on your radio and current tv. >> bill: how about it coming to you live indeed. coming you live on cirrus xm this hour only and on current tv. republicans talking out both sides of their mouth. on one side they are saying hey yeah, we realize we have to raise revenues. but huh-uh but we're not going to raise tax cuts on the wealthiest of americans. we're going to mak
sending the country off the fiscal cliff. congress has 45 days to come to an agreement on deficit reduction and if they don't spending cuts will go into effect january 31st. both sides are willing to compromise. >>> it is my decision to put them down and violate the pledge, long story short only if democrats will do entitlement reform. >> the key sticking point is what 0 do -- to do about taxes. they want to raise taxes and republicans don't want to. they are willing to cap certain deductions. >>> and perspective police officers, you can start applying for jobs at the san francisco police department this morning and they will start accepting applications for entry level police officers. eligible application cans have to be at least 20 years old, have a valid california driver's license and high school diploma or equivalent. it will end on friday december 7th and the starting pay for a san francisco police officer is 88,000 dollars a year. well for the san francisco 49ers there are quarterback questions all over again. it happened for the second straight game for the quarterback a
to come to an agreement on deficit reduction. if they don't, automatic tax increases and spending cuts will go into effect january 1st. both parties say they are ready to compromise but still no real progress has been made. >>> 7:33. one bay area hospital demanding to be reimbursed by the los angeles dodgers for the treatment it gave to bryan stow, the giants' fan brutally beaten in l.a. brian flores is live at san francisco general hospital with more. >> reporter: hi, dave. san francisco general hospital is seeking a $1.2 million medical reimbursement from the dodgers for medical care of bryan stow. the hospital went to -- hospital went to u.s. bankruptcy court in order to seek permission for this. now, stow who continues to receive around-the-clock rehabilitation treatment, initially received brain trauma care at san francisco general for about four months after the alleged beating. stow was brutally attacked in the parking lot of dodgers' stadium while watching the game back in march of 2011. since then, the hospital and essentially taxpayers had to foot the bill for medical care. b
-- or betting there will be a huge issues in the coming years on these -- on the deficit issue, you may want to keep it off the table. >>> there's a third area there. i don't talk to anybody, steve or our guest, who doesn't think the u.s. can easily ramp up growth. the real discussion i don't think is the true u.s. economy. i thinkist the moguling being throw in front of it, our self-inflected issues, you know, last time around we sequestration. are we going to have sequestration 2? of course we'll put a band-aid, but we need leverage to have reform predicated to surrender on the band-aid. >>> we've got to go, guys. i've got to go with this. we've got to move on. this is the last hour of trading, so we've got to move here. thank you for your thoughts today. steve, thank you, you're voting on a committee of politicians. i find hope in that somehow. >> yeah. you're in the hopeful camp. >> hoping at the last moment they will do the right thing. >> was that a pig that just flew by? the market is slowly coming off the lows. >> instead the last time the markets closed in positive territory on blac
of the americans believe they need more taxes and lowest tax necessary 80 years and we have a high deficit. they can afford to pay more. >> the fact is, many republicans are saying okay. we want to talk about taxes. let's also take a look at entitlements and speppeding cuts and so far, the white house hasn't put forward anything on paper that they are willing to discuss. >> that is one of the hardcore issues here. there is an idea coming from the democrats we are going to raise taxs and off set it by raising taxings. we have a staggering economy and unemployment and we'll hit 50 million americans on food stamps and no end for that number to constantly grow even as unemployment rates went down. we are adding to people on food stamps which doesn't make sense. how do youriform these things? and at the same time not just say we'll raise taxs and continue to spend money we don't have. look at the white house. they are borrowing 47 cents of every dollar spent in the budget this year. it is it not going to work and they will have to give and we'll go after the rich and take their mon yeby the way
large deficits, as well. so the politics in spain slightly skewed as they will be, but not so much pressure on rajoy at the moment. unlikely to ask for assistance in the short term. we also have another euro group meeting take, back in brussels, yes, i know, we seem to have one every week. they may come up with a long term financing deal for greece. finally talking about debt forgiveness in greece which is what we all know has got to happen. whether it can happen before the german elections in the fall next year is a mute point. anyway, that's where we stand. fairly down beat for equities and yields a little bit mixed. back to you. >> all right. thank you very much. let's get back to the fiscal cliff. we've been talking about the issues of taxes. as we mentioned, warren buffett calling for a minimum tax for the wealthy. he starts with suppose that an investor you admire and trust comes to you with an investment idea. this is a good one, he says, i'm in it and i think you should be, too. would your reply possibility be it all depends on what my tax rate will be on the gain you're sa
does not address the debt problem. we don't know how much we address the deficit problem by closing loopholes. impasse. martha: we'll see where that goes. stuart, thanks very much. we'll talk to chris van hollen moments away. bob,er is also here today. we'll get to some of that with them. thanks, stuart. bill: some context from how far the revenue ending bush tax cuts would go. during the 2012 fiscal year it costs $9.7 billion a day to run the federal government. the additional revenue stopping bush tax cuts would bring in $82.4 billion. a number that would run the government for 8 1/2 days. senator corker says there is plan on the table for two years. martha: that grand bargain that was so close. we'll see where that is in terms of both sides. bill:. we're just getting started on this tuesday morning. how about this story? oh, my gosh, a toddler seconds away from almost certain death in this video as a car comes barreling around that bend. we'll show you what the rest of what happens here and we'll tell you what ended up happening. bill: there is new violence on the streets of key
of the issue. >>> in global market news, japan logging its fourth straight trade deficit in october. the european debt crisis with china over a territorial dispute actually reduced exports. and we continue to follow the latest developments out of the middle east. secretary of state hillary clinton traveled to the west bank this morning to meet with palestinian president mahmoud abbas. abbas heads the west bank, while the palestinian militant group hamas controls the gaza strip. hamas is considered a terrorist organization by the united states because it continues to refuse to recognize israel as a state. the united states has a policy of not negotiating with terrorist organizations. that's why she's not speaking with anyone in gaza. her visit comes hours after a meeting with israeli officials that lasted late into the night. >>> let's take a look at the markets this morning. we already showed you the futures. they are down slightly. dow futures down by about 23 points. in europe this morning, you'll see that -- also, by the way, a lot happened yesterday. ben bernanke started talking
revolution. we actually now have a path to energy independence in america, that's a $200 billion deficit right now. it's a bridge to renewable energy, renewable energy's going to take a long time. if we can move to gas, we'll get tremendous benefits in terms of cleaner energy on the way to renewable energy future. if we could get those things done, steve, this would be transformational for our economy. but we haven't been able to act on these things even though, as i said earlier, there's wide bipartisan consensus. >> thank you, michael. let me jump to doug and steve for a moment and just try to poke holes in this. if we roll back time to just before the financial crisis, you looked at the u.s. debt position, doug holtz-eakin was out there, you know, bitching about that already. [laughter] and john mccain and others had been. but it's much worse today. if you looked at debt in a different way, if you looked at private sector debt, if you looked at the fact -- forget government debt, but if you looked, government debt's gotten worse, but before the financial crisis, private sector debt wa
? >> illinois has the worst budget deficit in the nation and why is the state spending millions of taxpayer dollars on table for prisoners. >> and eco friendly zip lines, maybe they want them to watch "fox & friends" in prison, have you ever thought of that. >> dave: amen, there's some viewers, baby. >> clayton: "fox & friends" begins right now. ♪ . >> alisyn:. >> alisyn: good morning, everybody, thanks for joining us bright and early on this sunday morning, we have quite a show for you, including the ongoing debate that dave briggs launched yesterday about yoga pants and we invite you to weigh in this morning. >> clayton: you're still leading this fight and championing this fight. >> alisyn: he's made it a platform. >> dave: i may run for the white house based on yoga pants. there's both good and bad and we will delve into this later on and look, common ground. it's unlike politics, there is some common ground between the two extremes. >> clayton: of yoga pants afficianados. >> alisyn: they're bipartisan. >> clayton: send us a picture of your yoga pants and dave can critique it. >> dave:
care law be on the table in the deficit talks, although didn't he tell diane sawyer it was the land of the law? anyway, the cincinnati enquirer saying we can't afford it and can't afford to leave it intack. so, keith, are we -- i mean, is this the same version repeat the first, whatever that is? you know, same old, same old. he told diane sawyer straight to her eyes this is the law of the land. >> i guess the tea party people got to him. there's a story that they called election night and neither one came to answer the phone and reportedly they were asleep. i think they actually were asleep because apparently they slept through the fact we had an election and they lost. they still think that they're going to repeal obama care and john boehner, if he seriously thinks it's up for negotiations in this fiscal cliff talks has to be crazy. out of his mind if president obama or democrats have a reason to give up on something that the american people approved. it is just not going to happen. they need to move on. >> zachary, one thing about the fiscal cliff, because there are certain rumors
important that we get that resolved and i am very open to a fair and balanced approach to reduce our deficit and provide the kind of certainty that businesses and consumers need that we can keep this recovery going. and obviously, we'll be spending sometime talking about national security issues, as well. but i just want to say thank you to this extraordinary cabinet for a job well done and i will take this opportunity to publicly embarrass two members of the cabinet whose birthdays are today or tomorrow. rich consecki, happy birthday to you. that is actually today. and janet napolitano's birthday is tomorrow. all right, guys. thank you. we want to get back to work. >> mr. president -- >> thank you, so much, guys. susan rice is extraordinary. couldn't be prouder of the job she's done. all right. >> that was the president praising his current cabinet, also a little compliment to susan rice there at the end. straight ahead, we have more politics. the man behind america's political dynasty, the untold story of patriarch of joseph p. kennedy. [ male announcer ] if you suffer from heartburn 2 or
't make a deal. later he's hosting big business leaders to talk about ways to cut the deficit. joining me to talk about this, "washington post" political columnist day ma milbank and terence page. >> good morning. >> clarence, big development with tom cole breaking from his party and saying they should support an immediate extension of bush-era tax cuts for households earning less than $250,000. and then deal with the higher income tax breaks later. this is the key argument the president has been making. he says this has to get done. it is a sign the democrats' arguments are working? is tom cole an outlier among republicans? what's going on? >> it's a sign of the diversity in the republican party and that's something that president obama's team is trying to work on. they're trying to develop divisions and to break the logjam, the big showdown that's going on between speaker boehner and congress on one side and president obama and his team on the other. so it's a sign, but we've still got a long ways to go. >> if you can believe it, the negotiations got arguably more complicated yesterday
to energy independence in america. that's a $200 billion deficit right now. it's a bridge to renewable energy, renewable energy's going to take a long time. if we move to gas, there's tremendous benefits in terms a cleaner energy on the way to renewable energy future. if we could get those things done, steve, this would be transformational for the economy. we have not been able to act on these things even though, as i said earlier, that's wide con consensus on the directions. >> thank you, michael. jumping to doug and steve for a moment and just poke holes in this a second. if we roll back time just before the financial crisis, look at the u.s. debt position; douglas holtz-eakin out there bitching about that already, and john mckane and others had been, but it's worse today. if you look at debt in a different way, private sector debt, the fact that -- forget government debt, but government debt's worse, but before the financial crisis, private sector debt was 160% of gdp in the united states. despite the miss of deleveraging, we are back to 8% of gdp. we have a crisis mode, structural
billion a year and would pay ian volving credit but it doesn't touch our deficit or balance our budget and the other thing that is important they have to get something in return. we'll put it up on the clinton rates and not touch medicare or medicaid? it is all part of the deal. >> gretchen: once you get people back to the table. it is it like a marriage, marriages don't work when one party said i will not budge on anything. >> brian: i hope my wife is listening. >> steve: we are in the let's make a deal stage. both sides want to appear flexibility when it comes to doing something. we aapparently the president of the united states. the week after thanksgiving nothing is scheduled. but we understand that the top aides are working together to do something. who is leading the charge for the white house? tim geithner. it is interesting, in the beginning, during the confirmation it was revealed he did not file taxes properly and people say is he qualified to be the treasury of the secretary. according to the wall street journal. they work with him and like him. and jack lu who did it last t
president obama was first elected he talked about how to bring down the deficit and campaign promise to cut it in half and he would do it by focusing on entitlement reform. >> steve: there is the national debt right now. >> gretchen: why doesn't he bring the people to the table and say dick dishin. let's put it all on the table and let's talk about them instead of going out on air force one and getting people to use twitter >> chris: the american society of pensional they have a warning called. if congress does change yourr tax rate, there is a possibility that you might have big changes to your 401 k. last time congress made changes in congress. 70 percent of the 401 k contributions droppped and the worry is people will stop putting in and we'll stop save that is never good. >> brian: we are not supposed to be able to tax that. and we'll be able to get it out when we are 81 years old. and the other stories making news. brand new video out of syria show rebels shooting down a military helicopter. you can hear them chanting allah is great. and the chopper plunges to the ground and first time
, but the post says, quote, there are a lot of ways that deficit reduction cuts could reduce spending on obama kay. so -- obamacare. so is that where this is headed, what they describe as small tweaks acceptable to both sides? they wouldn't dismantle the law, but they would decrease it? >> i think there's a real chance that democrats will agree to scale back some of the subsidies to insurance on the exchanges. they're going to have to face a real tough choice; do you want to scale back spending on programs that people have been on for decades like social security and medicare, or do you want to scale back the projected spending on a program no one's gotten a check from yet? i think we'll see republicans and democrats agree to reduce the spending in the affordable care act, and there's real opportunity to. people who are going to be making $70,000, more than the median family income in the united states, are eligible for subsidies under the law. it's just too generous to be afforded. patti ann: there's an article in "forbes," very interesting, that says that these health exchanges as liberals h
, and want tax hikes and spending cuts to reduce the deficit. and one fourth want spending cuts only. 68%. there are the numbers on your screen. doesn't that number, 68%, mean that it's politically perilous for your party, republicans, to oppose raising taxes on the top 2 or 3%? >> well, no, they -- it's got to be part of the equation and i think that speaker boehner made that clear, but gregg, let me first start by saying i happen to care very much about the 43% inpoll, but it doesn't erase -- it doesn't erase the fact that a majority of them do not pay taxes and it also doesn't erase the fact that most people support tax increases on other people as opposed to themselves, but i think the american people are a little tired of polls. the election is over, talking points should be over, and it requires compromise to solve problems in this town, something that's been lacking for years. by both sides of the aisle. and so, the issues you're talking about in terms of the specifics, whether it's the tax rates or these deductions, it just cannot be across the board. there are unintended consequ
to energy independence. that is a $200 billion deficit right now. it is a bridge to renewable energy. if we can move to gas, we will get tremendous benefits in terms of a cleaner energy on a way to a renewable energy future. if we could get those things done, this to be transformational for our economy, but we cannot act on these things even though there is a lot of bipartisan agreement. >> let me just try to poke holes in this. if we rolled back time to just before the financial crisis. look at the u.s.. doug holtz-eakin was out there bitching about that already. it's much worse today. if you look at debt in a different way. if you look at private-sector debt -- just forget government debt. private-sector debt was 160% of gdp. despite the myths of the leveraging, today we are back in that same crisis mode. you also have structural corruption and between regulators, financial institutions and other players in the economy and you have a private sector events leading to a government response. my question is why is it never on this list to get the private sector robber control? there is nothin
are the major drivers of the deficit and debt. listen, if you raise taxes as the administration wants to do now, you don't, in other words, extend the bush-era tax cuts, you raise $824 billion over ten years. now the u.s. government is funded, it takes $1.3 billion a day to fund the u.s. government. so you divide all of that, do the math, carry the knot and basically you qui get about 65 days of funding of the u.s. government just on the taxes. it doesn't get you too far on the big picture. jon: i've heard some democrats saying maybe it won't be such a bad thing to let the country go over the fiscal cliff at lowe's for a short period of time. >> reporter: that is one negotiation ploy, i think you're hearing that as well, you know, if you go past that deadline, then the new congress could come back and retroactively essentially give them -- everyone a tax cut, so those new congressmen and women, and senators will be able to say that they had a tax cut. it's all semantics here. the bottom line is what the president will bring, what house speaker john boehner will be and the closed-door negotiatio
of leverage, or did this restrain american options in terms of what you can do? >> with respect to the deficit and debt of the national security liability, we need our senior leadership and the ability to take it on. we have an opportunity to do so, we have a requirement to do so. the requirement and foundation of national power is ultimately economic in terms of global influence. and in terms of supporting the military. we have, i think, members of the house will step up in the coming months. >> how did you look at your surplus of the united states? do they say that we have america under control because of the treasury? >> superposition to the united states is very important. it is very decisive. so there is no intention for us with this economic relationship. >> i'm going to open it up to the floor. we have four microphones around the room. josh grogan is over here. >> thank you very much, and thank you for your time today. i figure we can all agree that the number one issue of the risk of conflict with china is a large part of u.s. strategy encouraging this is to urge china to have a bette
to see them try different things. first of all, let's recognize the fact that we had the deficits right now as a result of obama's budget. that's $5.3 trillion. that's in his budget. he signed that. we have a lot of the programs that should be undone. give you an example, we had a democrat president back in the '90s, bill clinton, while we had a republican majority in the house and the senate. we did welfare reform. we put the work back into welfare and it was tremendously successful. we decreased the welfare rolls. now, obama's reversed that. now we have it's gone up, the food stamp program now gone up from 28 million families to 47 million. that's just one of the things that can be reversed, that got news this mess to start with. >> gretchen: but senator, why does it appear -- and obviously the election was a result of it -- why does it appear that president obama wins the pr campaign on this entire discussion? >> well, gretchen, i represent oklahoma. he hasn't won up there. >> gretchen: but he's winning it acrossment country. >> well, i know, he's a very persuasive person. that doesn
to talk about comprehensive tax reform and talk about spending cuts and talk about debt and deficit reduction. pulling out an isolated piece like raising rates or taking a mortgage interest deduction or whatever it may be, it doesn't serve a purpose. you have to look at the entire problem. if you don't do that, we're all dead. >> where does norquist fit in? has your own view on the pledge evolved? >> i'm not for increasing tax rates. i'm for reforming the code, raising the base upon which those rates might be applied. i'm not for raising the rates. >> why is this attracting a -- why is revenue in general attracting the share of the debate? i heard complaints that say we're not giving due attention to reform, to entitlements. is it just that taxes are sexy, is that it? >> if the media would stop asking about it we could talk about comprehensive reform of entitlements and of spending. it's a complicated, complex process. if you pull out one part of it and have a debate over that part, you're redirecting america's focus from where it ought to be which is comprehensive reform of spendin
to reduce the deficit. the question is how to do it. this is an encouraging development. it suggests that republicans are slowly absorbing one of the lessons of the 2012 election which as elections continue to be wown wop in the middle and victory remains elusive for parties that occupy either the far left over the far right. over the years the democratic party has wrestled with the same issues republicans are facing. when i was elected to congress in 1981, crime was ripping apart my district district. i came to washington with a goal of working to pass new laws to crack down on crime. lo and behold i found the democratic congress at the time was literally outsourcing the drafting of crime legislation to the aclu. i have great respect for the views of civil libertarians but at that time the motto was -- quote -- "let a hundred guilty people foe free lest your convict one guilty person." that dominated our party's thinking on crime for better than a decade. our party suffered for it. we didn't standpoint snap out of it until president clinton passed the crime bill in the 1990's. after
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